Easterly Government Properties (NYSE: DEA) reported Q2 EPS of $0.05, $0.02 better than the analyst estimate of $0.03. Revenue for the quarter came in at $60.53 million versus the consensus estimate of $60.68 million.

Highlights for the Quarter Ended June 30, 2020:

• Net income of $4.2 million, or $0.05 per share on a fully diluted basis
• FFO of $27.8 million, or $0.32 per share on a fully diluted basis
• FFO, as Adjusted of $27.0 million, or $0.31 per share on a fully diluted basis
• CAD of $23.4 million
• Acquired a 79,212-square foot Department of Veterans Affairs (VA) Outpatient Clinic in Mobile, Alabama (“VA - Mobile”)
• Acquired a 51,647-square foot VA Outpatient Clinic in Chico, California (“VA - Chico”)
• Issued 4,472,192 shares of the Company's common stock through the Company's March 2019 and December 2019 ATM Programs at a net weighted average price of $23.12 per share, raising net proceeds to the Company of approximately $103.4 million. 3,402,100 of these shares of the Company’s common stock were issued in settlement of certain forward sales transactions entered into in prior quarters
• Expects to receive net proceeds of approximately $98.9 million from the sale of 3,873,223 shares of the Company’s common stock that have not yet been settled under its March 2019 and December 2019 ATM Programs, assuming these forward sales transactions are physically settled in full using a net weighted average initial forward sales price of $25.54

“Easterly’s ability to grow its platform at a time of economic and political uncertainty sets us apart from many of our peers,” said William C. Trimble, Easterly’s Chief Executive Officer. “We are extremely pleased with our performance in the first half of 2020 and remain confident in our ability to continue to execute on our proven strategy and demonstrate the inherent resiliency of the Easterly portfolio.”

GUIDANCE:

Easterly Government Properties sees FY2020 EPS of $0.13-$0.15, versus the consensus of $0.15.

For earnings history and earnings-related data on Easterly Government Properties (DEA) click here.